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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 28, 2025
DataAggregated Company Financials
Companies2236
  • 7D1.9%
  • 3M7.6%
  • 1Y19.8%
  • YTD13.4%

The market is up 1.9% over the last week, with the Financials sector leading the way, up 2.3%. Meanwhile, the Consumer Staples sector has underperformed, shrinking 3.2% in that time. In the last year, the market has climbed 20%. Earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 28 Aug 2025CA$4.5tCA$2.1tCA$203.8b16.1x22x2.1x
Sat, 26 Jul 2025CA$4.4tCA$2.1tCA$190.8b16.2x22.9x2.1x
Mon, 23 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.4x22.2x2x
Wed, 21 May 2025CA$4.1tCA$2.1tCA$183.4b14.4x22.2x1.9x
Fri, 18 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.3x1.8x
Sun, 16 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.9x22.4x1.8x
Tue, 11 Feb 2025CA$4.0tCA$2.1tCA$168.6b14.6x24x1.9x
Thu, 09 Jan 2025CA$3.9tCA$2.1tCA$171.0b14.6x22.7x1.8x
Sat, 07 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.7x23.7x1.9x
Mon, 04 Nov 2024CA$3.9tCA$2.1tCA$168.8b14.9x22.8x1.8x
Wed, 02 Oct 2024CA$3.8tCA$2.1tCA$167.7b15.3x22.9x1.8x
Fri, 30 Aug 2024CA$3.7tCA$2.1tCA$167.3b15.3x22.2x1.8x
Sun, 28 Jul 2024CA$3.7tCA$2.1tCA$167.8b14.2x21.9x1.8x
Tue, 25 Jun 2024CA$3.5tCA$2.0tCA$166.8b14.1x20.8x1.7x
Thu, 23 May 2024CA$3.7tCA$2.0tCA$167.1b14.1x21.9x1.8x
Sat, 20 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.9x20x1.7x
Mon, 18 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Wed, 14 Feb 2024CA$3.3tCA$2.1tCA$177.1b13x18.7x1.6x
Fri, 12 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.8x19.5x1.6x
Sun, 10 Dec 2023CA$3.3tCA$2.1tCA$172.3b12.2x18.9x1.6x
Tue, 07 Nov 2023CA$3.2tCA$2.1tCA$179.6b12x17.8x1.5x
Thu, 05 Oct 2023CA$3.1tCA$2.1tCA$185.5b11.2x16.8x1.5x
Sat, 02 Sep 2023CA$3.3tCA$2.1tCA$184.9b11.8x17.9x1.6x
Mon, 31 Jul 2023CA$3.3tCA$2.1tCA$191.3b11.9x17.3x1.6x
Wed, 28 Jun 2023CA$3.1tCA$2.1tCA$191.7b11.2x16.2x1.5x
Fri, 26 May 2023CA$3.2tCA$2.1tCA$205.6b11x15.7x1.5x
Sun, 23 Apr 2023CA$3.4tCA$2.1tCA$217.9b10.8x15.5x1.6x
Tue, 21 Mar 2023CA$3.1tCA$2.1tCA$211.3b10.6x14.7x1.5x
Thu, 16 Feb 2023CA$3.4tCA$2.1tCA$235.5b11x14.4x1.6x
Sat, 14 Jan 2023CA$3.4tCA$2.1tCA$245.1b10.8x13.7x1.6x
Mon, 12 Dec 2022CA$3.3tCA$2.1tCA$244.0b10.7x13.5x1.6x
Wed, 09 Nov 2022CA$3.2tCA$2.0tCA$241.5b10x13.3x1.6x
Fri, 07 Oct 2022CA$3.2tCA$2.1tCA$241.0b9.9x13.3x1.5x
Sun, 04 Sep 2022CA$3.2tCA$2.0tCA$235.5b10.3x13.7x1.6x
Price to Earnings Ratio

13.7x


Total Market Cap: CA$3.2tTotal Earnings: CA$235.5bTotal Revenue: CA$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 19x202320242025
Current Market PE
  • Investors are optimistic on the Canadian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 22.0x which is higher than its 3-year average PE of 19.0x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 4.7% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.5% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market1.88%
Healthcare4.42%
Materials4.30%
Tech2.85%
Energy2.47%
Financials2.31%
Industrials1.27%
Real Estate0.56%
Telecom-0.81%
Consumer Discretionary-0.99%
Utilities-1.37%
Consumer Staples-3.16%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 19.5%, which is lower than the prior year's growth of 22.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 54% over the next 5 years.
  • This is better than its past earnings growth rate of 4.4% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 3.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
RY Royal Bank of CanadaCA$200.075.6%
+CA$15.0b		24.5%PB2.3xFinancials
BNS Bank of Nova ScotiaCA$85.138.2%
+CA$7.7b		28.2%PB1.3xFinancials
BMO Bank of MontrealCA$164.225.0%
+CA$4.7b		48.8%PB1.4xFinancials
TD Toronto-Dominion BankCA$105.012.5%
+CA$4.4b		31.0%PB1.5xFinancials
CNQ Canadian Natural ResourcesCA$43.165.0%
+CA$4.3b		-12.3%PE10.8xEnergy
See more

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Latest News

NA
CA$144.71
National Bank of Canada
7D
-4.1%
1Y
16.7%
DOL
CA$185.07
Dollarama
7D
-6.1%
1Y
38.0%
RY
CA$200.07
Royal Bank of Canada
7D
5.6%
1Y
24.5%
BNS
CA$85.13
Bank of Nova Scotia
7D
8.2%
1Y
28.2%
CVE
CA$23.38
Cenovus Energy
7D
10.4%
1Y
-8.5%

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Analysts have raised Cenovus Energy’s price target to CA$27.40, citing confidence in value creation from recent acquisitions—particularly the MEG Energy takeover—and execution on strategic priorities. Analyst Commentary Bullish analysts are raising price targets in recognition of Cenovus Energy’s value creation through its successful track record of upstream acquisitions.
TD
CA$105.01
Toronto-Dominion Bank
7D
2.5%
1Y
31.0%

Canadian Market Expansion And AI Investments Will Improve Future Operational Efficiency

Toronto-Dominion Bank’s consensus price target was modestly raised to CA$103.71 as analysts cited improved near-term earnings prospects driven by declining loan losses and higher net interest income, partially offset by ongoing sector headwinds and macroeconomic uncertainty. Analyst Commentary Improved sequential earnings prospects in Q3 based on declining losses on performing loans and higher net interest income.
BMO
CA$164.22
Bank of Montreal
7D
5.0%
1Y
48.8%

Portfolio Optimization And Digital Expansion Will Strengthen Future Performance

Despite a reduction in consensus revenue growth forecasts, a higher anticipated future P/E multiple has driven an increase in Bank of Montreal’s analyst price target from CA$158.53 to CA$163.71. What's in the News Bank of Montreal (BMO) and Royal Bank of Canada (RBC) are exploring the sale of their Canadian payments joint venture, Moneris Solutions, in a deal that could value the business at up to $2 billion; the process is in early stages and a sale is not guaranteed (Reuters, Key Developments, 2025-08-14).
L
CA$55.80
Loblaw Companies
7D
-5.6%
1Y
28.8%

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CNQ
CA$43.16
Canadian Natural Resources
7D
5.0%
1Y
-12.3%
WN
CA$87.28
George Weston
7D
-4.3%
1Y
19.2%
TRI
CA$241.20
Thomson Reuters
7D
-1.1%
1Y
5.0%

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ENB
CA$65.69
Enbridge
7D
-1.5%
1Y
23.1%
IMO
CA$123.85
Imperial Oil
7D
7.1%
1Y
21.6%
FFH
CA$2,355.65
Fairfax Financial Holdings
7D
-2.7%
1Y
45.5%
BCE
CA$34.44
BCE
7D
-3.4%
1Y
-27.0%
CP
CA$106.00
Canadian Pacific Kansas City
7D
4.1%
1Y
-4.5%